‘IMPS’ is an acronym for Immediate Payment Service. It is a 24 x 7 electronic fund transfer service which carries out the transaction between two bank accounts immediately and in real-time. IMPS can be accessed through both, online banking and mobile banking platforms.
How to use IMPS?
As aforementioned, IMPS works on two platforms: mobile banking and online/net banking. Let’s discuss both of these options below:
- To transfer money using IMPS on the mobile banking platform, please follow the below steps-
- Log into your bank’s mobile banking application.
- If you are sending money then in the Send Money/Fund Transfer tab, go to the IMPS option.
- There enter Beneficiary mobile no., Amount and the beneficiary’s Mobile Money Identifier (MMID).
- The application will then ask for your Mobile PIN (MPIN) to authenticate the transfer.
- Once you verify your Mobile PIN (MPIN), your money will be sent to the intended beneficiary.
- The bank shall also then send you a confirmation text message mentioning the transaction no. You can use that transaction no. while giving feedback/for queries and complaints.
- To receive money using IMPS and mobile banking, provide your name (as per bank records), mobile no. and MMID to the payer and he/she shall send you the funds.
- To transfer money using IMPS on the Net-banking/online banking platform, please follow the below steps-
- Log into your bank’s net-banking/online banking portal.
- If you are sending money then –
- Add an IMPS beneficiary by submitting the beneficiary’s account no., account type, Indian Financial System Code (IFSC) Code, beneficiary’s name and branch name and address.
- After your bank confirms that the proposed beneficiary has been included, go to Fund Transfer.
- Select the beneficiary to whom you want to transfer funds. After you do that the beneficiary’s account details will appear.
- Enter Amount and Remarks.
- Confirm the transfer and your payment will be settled.
- You will receive a transaction reference no. which you may keep for any query/feedback.
If you are receiving money through IMPS and net-banking, then provide the payer with your account no., account type, Indian Financial System Code (IFSC) Code, name and branch name and address etc. The payer shall then add you as a beneficiary and transfer you the intended funds through IMPS